Homes vs Condos – Santa Barbara Real Estate Mid-year Statistics
We always find it interesting to take a look at the numbers mid-year. In this case we looked at the median sales price, number of days on market and the list to sales price ratio for both single family homes and condominiums from Carpinteria to Goleta.
First, we’ll take a look at single family homes. As you can see from the chart below, the median sales price for a single family home in the Santa Barbara area increased by $55,000 from this time last year, that’s a little over a 4.5% increase! We also saw the average time a home spent on the market increase almost two weeks from last year, and the sales to list price went down slightly year over year. This makes sense as a home that spends more time on the market will generally elicit lower offers from buyers.
Secondly, let’s look at the condominium market. We found it very interesting that the median sales price for a condominium actually went down slightly this year as opposed to last. This could have a lot to do with the high-priced downtown luxury condos pretty much selling out in 2016 – we don’t have as many high-priced condos to sell these days. The days on market went down 3 days and the sales to list price increased.
Are you interested in selling or buying in 2017 – let us know! We love helping Santa Barbarans accomplish their home dreams.
Statistics taken from the Santa Barbara Multiple Listing Service week by week. Homes, Condos and PUDs – Carpinteria to Goleta.